- By Shivam Shandilya
- Fri, 20 Oct 2023 08:21 PM (IST)
- Source:JND
The Reserve Bank Of India (RBI) governor said on Friday that Rs 2,000 denomination notes are coming back and only Rs 10,000 crore worth of such notes are still with people. He also exuded confidence that these notes would also be returned or deposited.
"Rs 2,000 notes are coming back and only Rs 10,000 crore is left in the system. The expectation is that the amount will also come back," he said on the sidelines of an event as quoted by news agency PTI.
Earlier this month, Das said that 87 per cent of the Rs 2,000 denomination notes being withdrawn has been returned as deposits into banks, while the rest have been exchanged across counters. RBI declared its plan to phase out the Rs 2,000 note, which had been introduced in 2016 as part of a rapid remonetization effort. This followed Prime Minister Narendra Modi’s announcement to withdraw more than 88 per cent of the currency in circulation by invalidating the Rs 500 and Rs 1,000 notes.
The public and entities holding such notes were asked initially to either exchange or deposit them in bank accounts by September 30. The last day was extended later, to October 7. Both exchange services at bank branches were discontinued on October 7.
The individuals on October 8 were provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at 19 Reserve Bank of India locations. Individuals can now exchange Rs 2,000 bank notes at the 19 RBI offices up to a limit of Rs 20,000 at a time. However, there is no limit on the amount of Rs 2,000 credited into bank accounts.
(With input from agencies)